Learn about the fees and restrictions around payday lending in Oklahoma City.
Anyone can get in a tight financial spot, and if you have poor credit, a payday loan may be what you need. Before you borrow, it’s important to understand what comes with a short-term loan. Our guide below can help.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure
What state laws impact lending in Oklahoma City?
Oklahoma Statutes Title 59 §§ 3101 et seq., the Oklahoma Deferred Deposit Lending Act, dictates how much you can borrow and the terms lenders can give. You can borrow up to $500 for terms lasting between 12 to 45 days, and Oklahoma allows you to have up to two outstanding loans at any given time.
The cost of a payday loan in Oklahoma CityOklahoma sets the amount a lender can charge as a financing fee by the amount you borrow. Amounts less than $300 are charged a financing fee of $15 per $100 borrowed. Amounts between $301 to $500 are charged a financing fee of $10 per $100.
This means a loan of $400 will have a financing fee of $55. That’s $45 for the first $300 and $10 for the last $100. Of course, this amount doesn’t include any database fees or extra charges, so be sure to read the fine print of your contract before you sign.
A list of online lenders that operate in Oklahoma City
Benefits to taking out a payday loan
- Loan cancellation date. If you decide you no longer want your loan, Oklahoma allows you to cancel your loan by 5 p.m on the following business day.
- Payment plan available. After your third loan in a row, you can pay back your outstanding balance in four installments. However, you will also have to pay a fee of 10%, up to $15.
- Quick processing times. When you apply online, you can expect to know if you’ve been approved within a few minutes. This means you can get your money faster–as soon as the next business day.
Elijah's car needed multiple repairsElijah’s car was having trouble getting him to and from work, and after a few months of repairs, his savings had completely dried up. The next repairs were going to cost him nearly $400, which he definitely didn’t have. He’d already maxed his credit card to cover earlier costs, and his bad credit meant he would have a difficult time getting approved for a personal loan.
Upon the suggestion of his sister, Elijah applied for a $400 payday loan by visiting a local lender’s store. Since he had a decent job, he was approved for the loan. The contract stated that he would have to pay $55.56 as fees, which included a $0.56 database verification fee. Elijah left a postdated check of $455.56 with the lender.
In two weeks, on the due date, the lender cashed the check. It cleared without any problem. Elijah was able to take care of his car repairs and pay off his loan without being charged any extra fees.
This is what you’ll need to apply for a payday loan in Oklahoma City
Before starting an application, you’ll need to have a steady source of income, be at least 18 years old and be a US citizen or permanent resident. Most lenders also require you have a regular checking account if you decide to apply online.
You’ll have to fill out the application with some of your personal information. This includes
- Your name, address, email and phone number
- Your date of birth, Social Security number and your state-issued ID
- Your employer’s name, address and phone number
- Your gross monthly income
Where to find a payday loan in Oklahoma City, Oklahoma
Storefront locations in Oklahoma City
- Cashland. 3013 SW 29th St, Oklahoma City, OK 73119
- Check Into Cash. 432 SW 59th St #200, Oklahoma City, OK 73139
- Check ‘n Go. 12233 N Pennsylvania Ave, Oklahoma City, OK 73120
- EZ Money Payday & Title Loans. 4408 S Pennsylvania Ave, Oklahoma City, OK 73119
- National Quik Cash. Britton Square, N May Ave & W Britton Rd, Oklahoma City, OK 73120